The Western Corridor Heats Up With Record Lettings
The Western Corridor’s office market is off to a strong start in 2017, with lettings across the West London and Thames Valley region reaching 400K SF in the first quarter of the year, according to JLL. The figure is in line with recent market performance and follows a rise in occupier demand in the second half of 2016.
Deals transacted in 2017 to date include INC Research taking 49K SF at Pinehurst 1&2, the biggest office letting in the M3 Corridor in five years; Medidata taking 30K SF at 12 Hammersmith Grove; and Salmon taking the entire 30K SF at Clarendon Works, Watford, a record rent and the town’s first pre-let in a decade.
JLL’s James Finnis, head of South East Office agency, said the trend for occupiers to take less but better space to drive efficiency is gathering pace and leasing activity is focusing on prime space. Finnis said development levels are severely curtailed post-2018 just as infrastructure improvements, including the Elizabeth Line, will come online and increase the South East’s attractiveness.